CHICAGO — Analysts who cover Chicago’s municipal debt say they took good news and bad news messages away from the city’s recent investor conference. City leaders didn’t shy away from addressing their financial challenges, particularly the pension crisis that triggered the dramatic three-notch downgrade one week earlier from Moody’s Investors Service, but some analysts left disappointed over the city’s lack of a pension solution other than awaiting state legislation.

“There was a frank discussion. They were not hiding in the sand on the issues before them, but there was no new plan,” said Richard Ciccarone, chief research officer at McDonnell Investment Management. “It’s going to be for each investor to decide the likelihood of whether the city can achieve its goals.”

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